Ripple analysis: closely watching major pivot level
15:18, 25 August 2020
Ripple is attempting to recover higher, following its recent technical correction back towards the $0.27 support area.
Ripple analysis shows that buyers need to maintain the cryptocurrency above the $0.27 level to avoid a stronger decline back towards the $0.23 level.
Ripple medium-term price trend
Ripple is attempting to recover back towards the $0.30 level after the cryptocurrency corrected lower alongside the broader market, following four weeks of straight gains.
Ripple technical analysis shows that the $0.27 level is going to act as a major pivot point this week.
The daily time frame shows that the recent decline found strong support from just above the $0.27 level.
According to technical analysis, the XRP/USD pair could decline towards the $0.25, and possibly the $0.23 level if the $0.27 support level is broken this week.
To the upside, continued gains above the $0.27 level are likely to result in a technical test of the $0.30, and possibly the $0.33 levels.
Traders should note that the $0.38 and the $0.50 levels remain the wider goal for bulls over the medium-term horizon.
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Ripple short-term price trend
Ripple technical analysis over the short term shows that the cryptocurrency is only bullish while the price trades above the $0.233 level.
The four-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent reversal from the $0.33 level.
According to the size of the head-and-shoulders pattern, the XRP/USD pair could decline towards the $0.23 level if the $0.27 level is broken.
Traders should note that negative MACD price divergence is still present on the lower time frames, and extends down towards the $0.23 area, which further increases the chances of a short-term bearish reversal.
Ripple technical summary
Ripple technical analysis suggests that a move under the $0.27 level could cause the cryptocurrency to drop towards the $0.23 level.
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